Report : Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts and Others), and Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring and Others ), and Geography
Growing Demand of Smart Transportation to support Smart Retail Devices market growth during 2020–2027
According to our latest market study on “Smart Retail Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Others); Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, Others),”the market was valued at US$ 17,043.48 million in 2019 and is projected to reach US$ 26,349.44 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlightskey factors driving the market growthand prominent players withtheir developments inthe market.
The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID printers across several industries are the key driving factors for the groth of the smart retail devices market. The escalating demand of omnichannel retailing is offering various advantages to the overall smart retail devices market. With the help of smart retail devices, customers can easily check in the in-store availability and pricing of products from their mobile phones before visiting the stores. These factors are supporting the growth of smart retail devices market significantly and anticipated to create huge opportunities for the market during the forecast period. The smart retail devices market is segmented on the basis of technology, application, and geography. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. The predictive equipment maintenance segment is projected to dominate the market during the forecast period. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. The smart labels segment accounted for the largest revenue share in 2019, whereas the smart payments segment is projected to register the fastest CAGR during the forecast period.
Impact of COVID–19 Pandemic on APACBarcodeSoftwareMarket
The COVID-19 pandemic has hampered the economic growth of almost every country. The retail and transportation & logistics industries have witnessed a decline in their operations due to the temporary shutdown of activities. The smart retail device market players also experienced a slowdown in the volumes because the retail facilities were operating with a limited workforce. Additionally, temporary closure has also resulted in reduced procurement of smart retail device among industries during the first quarter of 2020. The COVID-19 might have its impact in the first six months of 2021 as well. On other hand, post lockdown, the market is emerged with a new growth model as retail business shifted toward contactless payments, kiosk for interaction, smart kart adoption, and other models. Large retail giants have evolved with smart retail devices with supporting software and apps for retail operators. For instance, Lowe’s company introduced a new app for their smart mobile devices, which helps store associates to monitor foot traffic and limit entrance. Integrated with smartphones, this new app helps retailers maintain social distancing in-stores, thereby meeting the regulatory guidelines, such as those imposed by the Centers for Disease Control and Prevention (CDC) in the US. The COVID-19 might have its impact in the first six months of 2021 as well.
Smart Retail Devices Market Breakdown—by Region, 2019 (%)
The global smart retail devices market has been segmented as follows: